Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week
Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week
PUBLISHED FRI, MAR 8 2024 11:09 AM EST
UPDATED FRI, MAR 8 2024 3:07 PM EST
Tanaya Macheel
@TANAYAMACHEEL
WATCH LIVE
KEY POINTS
- The price of bitcoin jumped to a new record on Friday.
- With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.
In this article
' x='0' y='0' height='100%25' width='100%25' xlink%3Ahref='data%3Aimage/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDABALDA4MChAODQ4SERATGCgaGBYWGDEjJR0oOjM9PDkzODdASFxOQERXRTc4UG1RV19iZ2hnPk1xeXBkeFxlZ2P/2wBDARESEhgVGC8aGi9jQjhCY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2NjY2P/wAARCAAFAAoDASIAAhEBAxEB/8QAFgABAQEAAAAAAAAAAAAAAAAAAAIF/8QAHhAAAQQCAwEAAAAAAAAAAAAAAQACAxEhMRITIiP/xAAVAQEBAAAAAAAAAAAAAAAAAAACBf/EABgRAQADAQAAAAAAAAAAAAAAAAEAAhES/9oADAMBAAIRAxEAPwDGgEYDuMbRQO83QUfV3rufnOyiIlnWUek2f//Z'%3E%3C/image%3E%3C/svg%3E)
Dado Ruvic | Reuters
The price of bitcoin jumped to a new record on Friday, breaking through $70,000 for the first time ever.
The cryptocurrency was last higher by about 2% at $69,304.84, according to Coin Metrics. At one point, however, it rose as high as $70,170.00, topping its previous record set on Tuesday. It's on pace to end the week higher by 10%.
The up move began around the time the U.S. stock market opened. With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.
Bitcoin hits $70,000
The early advance may have been driven in part by investors who were weighing the February jobs report, hopeful that a higher unemployment rate and cooler than initially reported employment growth in December and January will clear the way for the Federal Reserve to begin cutting interest rates later this year.
However, crypto trading has been especially volatile this week. After bitcoin reached a new record on Tuesday for the first time in more than two years, it quickly tumbled as much as 10%, pulling down other cryptocurrencies and crypto stocks along with it, then recovering much of those losses the next day. The bitcoin historical volatility index is at its highest level in almost a year, according to TradingView.
"Navigating old highs is notoriously tricky and the bitcoin dam doesn't tend to burst at the first time of asking," said Antoni Trenchev, co-founder of crypto exchange Nexo. "Tuesday's sharp bitcoin sell-off was healthy, necessary and a prelude to further gains. Volatility defines bitcoin bull markets and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges."
Don’t miss these stories from CNBC PRO:
- Instead of chasing Nvidia, investor buys these misunderstood, cheap growth stocks for big returns
- Why Warren Buffett thinks the power of compound interest is the key to his success
- Forget cash — it's time to move into fixed income, Franklin Templeton strategist says
- Dan Niles reveals why he prefers the 'Fantastic Four' and when the 'AI bubble' might pop
In this article
RELATED
- 1
- Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week
- 2
- Bitcoin briefly rises above $70,000 to another new all-time high: CNBC Crypto World
- 3
- Bitcoin rises to record above $69,000, then quickly tumbles 8%
- 4
- FTX and BlockFi reach tentative settlement for up to $874 million: CNBC Crypto World
- 5
- Cryptocurrencies recover after bitcoin pulls back from new record
© 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
Data is a real time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stocks, Quotes, and Market Data, and Analysis.
Privacy Policy Do Not Sell My Personal Information CA Notice Terms of Service
Data also provided by
![[ℕ𝕖𝕧𝕖𝕣] 𝕊𝕖𝕝𝕝 𝕐𝕠𝕦𝕣 𝔹𝕚𝕥𝕔𝕠𝕚𝕟 - Sell Into "The Gospel of Greed"](https://cdn.bulbapp.io/frontend/images/7691d4fc-7dcc-4144-acbf-12397f6d0ba3/2)
